Shiba Inu, one of the most popular memecoins in the cryptocurrency world, has started 2024 with a significant token burn. Data shows that the token burn rate for Shiba Inu has surged by 2,552% in the last 24 hours, indicating a proactive start to the year for the SHIB token.
In the first week of the new year, the burn rate of Shiba Inu’s SHIB token increased by 2,052%, with a total of 129.71 million SHIB tokens removed from circulation. This was achieved through contributions from multiple wallets to ‘dead’ wallet addresses, effectively reducing the available supply.
The token burn rate had already seen a 5,000% increase on the first day of the week starting with the Christmas holiday in 2023, which bolstered optimism for the altcoin. Additionally, during the holiday season, a whale was detected transferring a massive amount of 4 trillion SHIB, which garnered significant attention in the crypto community.
By December 27th, the SHIB token burn rate had spiked again to 1,600%, and on December 29th, another whale transaction involving 4 trillion SHIB was recorded. Interestingly, amidst this whale activity on December 29th, the Shiba Inu community burned over 13 million SHIB tokens.
On December 30th, the Shiba Inu community further increased the SHIB burn rate by 2,700%, fueling bullish sentiments for the token. Despite these high burn rates, there is currently a 98.29% decrease in the weekly burn rate.
Market charts indicate that the price of Shiba Inu’s SHIB token has fallen by 3.46% over the last seven days. On December 30th, a 1.45% drop was recorded, followed by a modest 0.52% jump on December 31st. At the time of this report, the popular memecoin is trading at $0.00001054, reflecting a 1.43% decrease over the past 24 hours. The altcoin’s weekly high was at $0.00001108, while the low was around $0.00001026.